How to end a car lease early after becoming disabled Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering you interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare data for free to help you make informed financial decisions. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this website, for example, for example, the order in which they appear within the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other home loan products. This compensation, however, does affect the information we publish, or the reviews you read on this site. We do not include the vast array of companies or financial deals that might be accessible to you. SHARE: Klaus Vedfelt/Getty Images

2 min read Published June 22, 2022

The article was written by Josephine Nesbit Written by Josephine Nesbit was a journalist for Bankrate. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to take control of their finances with precise, well-researched and well-researched data that reduces complicated topics into bite-sized pieces. The Bankrate promises

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We receive compensation for placement of sponsored products and services or through you clicking certain links posted on our site. So, this compensation can affect the way, location and in what order items are listed, except where prohibited by law. This is the case for our loan products, such as mortgages and home equity, and other home lending products. Other elements, like our own proprietary website rules and whether the product is available within your area or at your personal credit score can also impact how and where products appear on this site. While we strive to provide the most diverse selection of products, Bankrate does not include information about every credit or financial product or service. The car lease contract is legally binding agreement where the lessor owns the vehicle, and you are required to pay a set monthly sum to use the vehicle. But what happens if unforeseeable circumstance hinders you from driving your car? It’s not a guarantee that you’ll be able to end a lease because of disability. But, there are alternatives to not having to give the car back or paying high costs. Do I have the option of ending my lease early due to an impairment? A disability does not immediately mean that you’re out of the car lease. The lease is contract between you and the lender. To break the contract it is necessary for both parties to agree to terminate the lease, or show that the lease allows cancellation. The breaking of a lease due to disability could be expensive. There’s usually an early termination fee and depending on the leaser and the terms of the lease it could be necessary to make the remaining payments on your lease. The sooner the lease ends the more expensive this fee may be. However, you could also speak to your leaseholder and explain why you’re breaking the lease of your car due to medical reasons. They could be able help you find the best solution or give you more information about early termination policies. How to break an early car lease There are a few methods to terminate your lease to avoid penalties. Before trying to get out of your car lease, be prepared and consider your alternatives. Review your contract Your best source of information on breaking a car lease early is the contract. The lease agreement will contain a clause on the early termination process and the associated fees. Depending on the agreement and your budget they may be easily manageable for you. However, make sure you check if the contract offers options for breaking the car lease due to medical reasons like disability. These could include the transfer of a lease, a lease buyout or full cancellation of the contract. Request an exception even if there are no clauses that allow for exceptions in the contract, you should inquire if the lessor will assist. Ideally, you would be able to prove your request with proof of a medical note stating that you can no longer drive. If it turns out that early termination is unrealistic or too pricey then you may think about finding someone to take over the lease. In some cases, if another family member becomes the lease, this can be accomplished for a minimal cost. Transfer your car lease lease agreements permit you to transfer your car lease to another individual -as long as the new owner has the required credit score. Different lenders have different rules regarding transfer of leases, therefore be sure to consult with your lease provider prior to making any decisions. There are marketplaces online such as SwapALease and LeaseTrader which match lessees seeking to get rid of car leases with prospective lessees at a minimal cost. Many automakers allow lease takeovers, and these third-party companies handle the necessary paperwork so you can feel confident they’ve done it right. While you can also attempt to locate yourself a person to do it however, it could take a while. And you’re still responsible for taking care of the lease until it is transferred. The bottom line is that early ending a lease on a car can result in fees and other charges that could add up hundreds of dollars. While you can’t automatically break the lease because of disability, it doesn’t mean that you’re stuck. It is possible to minimize any penalties through the transfer of your lease. Check your lease agreement to see if there’s a clause about early termination and contact the leasing company to discuss options. Find out more about SHARE:

Written by Josephine Nesbit is a former contributor to Bankrate. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances with concise, well-studied and well-researched content that breaks down otherwise complicated subjects into bite-sized pieces.

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